0224 GMT - GrainCorp's bull at Macquarie sees conditions improving after a challenging couple of years for the Australian grain marketer and exporter. A note from one of the investment bank's analysts says that the margin environment has lifted over the past six months, with tensions in the Black Sea region supporting global wheat prices. Against this backdrop, Australia's east coast is expected to deliver another above-average crop from the winter harvest. Macquarie forecasts volumes 13% above the 10-year average. There is one note of caution, however. The analyst tells clients that the impact of El Nino conditions remains a key unknown. Macquarie keeps an outperform rating on the stock and raises its target price by 16% to 7.10 Australian dollars. Shares are up 6.8% at A$6.745.